REPUBLIC, MO. — Amazon.com Inc. has unveiled plans to open a fulfillment center in Republic, about 14 miles southwest of Springfield. Construction of the 1 million-square-foot facility is expected to begin in 2021. Upon completion, Amazon expects to create more than 500 full-time jobs. Employees will pick, pack and ship bulky or lager-sized items such as patio furniture, outdoor equipment and rugs. Since 2010, Amazon has created more than 4,500 jobs in Missouri and invested more than $780 million across the state, including infrastructure and compensation to its employees.
ST. LOUIS — Brinkmann Constructors has broken ground on Expo at Forest Park, a $90 million luxury apartment project in the Skinker-DeValiviere neighborhood of St. Louis. The development will include 287 market-rate apartment units and 30,000 square feet of retail space within walking distance of the Forest Park-DeBaliviere Transit Center. It will also include garage parking for Metro Transit commuters and access to the St. Louis region’s MetroBus network and MetroLink light-rail system. The developer, Tegethoff Development, plans to update existing transit infrastructure, including security and amenities. Expo at Forest Park will consist of two separate multifamily buildings. Completion is slated for late spring 2022.
INDEPENDENCE, MO. — NorthMarq has arranged the sale of a three-property, 426-unit multifamily portfolio in Independence, a suburb of Kansas City, for $21.2 million. The properties include Hudson, a 253-unit asset at 1401 S. Cunningham Ave.; Meadowbrook, a 113-unit property at 2141 S. Swope Drive; and Winner Place, a 60-unit community at 9528 Winner Road. Urban Southwest Capital sold the portfolio to FTW Investments. Jeff Lamott and Gabe Tovar of NorthMarq brokered the sale. Kyle Tucker and John Duvall of NorthMarq arranged acquisition financing through Freddie Mac for the Hudson property.
WENTZVILLE, MO. — Cambridge Air Solutions has signed a 68,605-square-foot industrial lease at 1290 Interstate Drive in Wentzville within metro St. Louis. Houston-based SparrowHawk LLC owns the 420,000-square-foot building in a joint venture with American National Insurance Co. Cambridge is a manufacturer and distributor of HVAC systems. This is the second location in the St. Louis area for Cambridge. Its headquarters is located at 760 Long Road Crossing Drive in Chesterfield. Christopher Schmidt of JLL represented Cambridge in the new lease. David Branding and Patrick Reilly of JLL represented ownership. Domash Designsource is the architect for Cambridge’s new space. G.S.&S. Construction will complete the buildout.
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Secondary Midwest Markets: Investor Refuge or Flavor of the Month?
More than a few column inches in multifamily media this year were dedicated to the implications of coronavirus on the housing preferences of renter households. Many theorize that the pandemic is leading householders to reexamine their attachment to urban life and consider suburban alternatives that offer larger floor plans, better schools, free parking and unit access without an elevator ride. Available data suggest there is something to this notion. Occupancy and rent in core urban neighborhoods in the primary markets have declined, substantially in the highest-cost cities. Suburban performance, by contrast, is strengthening. What is less certain is whether the same phenomenon is working to the benefit of secondary markets as well as big city suburbs. The jury is still out but investors already have stepped up acquisitions in the Sunbelt growth markets to exploit the opportunity — Austin and Phoenix were among the nine most active property markets in the third quarter, and Raleigh and Charlotte were just a step behind – but what of the staid and stable Midwest? Columbus, Indianapolis and Kansas City (the “Midwest Three”) stand out among Midwest cities as the secondary markets most likely to attract gateway city refugees. Each offers renters most of …
NORTHLAND, MO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has sold Watermark at Tiffany Springs in suburban Kansas City for $60 million. The 276-unit, Class A apartment community is located at 9641 N. Ambassador Drive in Northland. The property features one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor firepit area, dog park and fitness center. The buyer was an entity controlled by A&C Ventures Inc., a private investment firm based in Sonoma, Calif. Mac Crowther and Whittaker Potts of Newmark represented Watermark in the sale.
RICHMOND HEIGHTS, MO. — IMPACT Strategies has completed construction of Altair at the Heights, a $40 million luxury apartment development in Richmond Heights, a suburb of St. Louis. ILI Communities was the developer, Fugleberg Koch served as architect and Civil Design Inc. was the engineer. The 187-unit, four-story project now fills the site of the former AB Green Middle School. The development includes 3,300 square feet of retail space. Among the amenities are a clubhouse, pool, courtyard, fitness center and pet washing station. Monthly rents start at $1,235 for one-bedroom units. Residents can now receive two months of free rent by signing a 14-month lease.
LIBERTY, MO. — The Opus Group has broken ground on Heartland Meadows Commerce Center, a 182,000-square-foot industrial development in Liberty, a suburb of Kansas City. It is the first speculative, new-construction project within the larger Heartland Meadows Industrial Park in the past decade, according to Opus. The building will be able to accommodate up to eight tenants and feature 220 car parking stalls, up to 43 dock positions, two drive-in doors, trailer parking and a clear height of 32 feet. Completion is slated for August 2021. Opus is serving as developer, design-builder, architect and engineer. Patrick McGannon and Matthew Severns of Kessinger-Hunter are handling leasing.
ST. LOUIS — Capstone Manufactured Housing has arranged the sale of a 204-site manufactured housing portfolio in St. Louis for $8 million. The portfolio consists of two mobile home parks located on the southwest side of the city, Eagle Creek and Cedar Hill. Combined, the two parks were 95 percent occupied at the time of sale. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, local investor Tony Stieren. The West Coast-based buyer plans to hold on to the assets for the long term, according to Capstone.
KANSAS CITY, MO. — City Club Apartments (CCA) has opened its newest community in Kansas City within the Crossroads neighborhood. The 283-unit, seven-story development also includes duplexes, townhouses and penthouses. There are 50 different floor plans. Amenities include a rooftop sky park, pool, outdoor theater, terrace club, concierge service and nearly 300 underground parking spaces. The first floor features DGX, a small retail store with grab-and-go salads, sandwiches, fresh produce and a selection of home and beauty products. Local restaurateur Howard Hanna plans to open two new concepts at the community in 2021. The combined 6,000-square-foot space will include a 2,000-square-foot wine bar and a 4,000-square-foot diner. Monthly rents start at $1,005 for studios. Residents can now receive up to three months of free rent on select units.